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19. To maximize profits in a competitive market set price equal to marginal cost. But in a monopoly, you set marginal revenue equal to marginal cost. Based on the given information, answer the following questions. Total Revenue = 100Q -100' Marginal Revenue = 100 - 20Q Total Cost = 20+ 10Q Marginal Cost = 10 Note: Competitive Market: To maximize profits set Price = Marginal Cost Monopoly Market: To maximize profits set Marginal Revenue = Marginal Cost a. What price do you charge if you are in a competitive market? b. What quantity do you produce if you are in a competitive market? c. What profits do you make in a competitive market? d. What price do you charge if you are in a monopoly? e. What quantity do you produce if you are in a monopoly? f. What profits do you make if you are in a monopoly? g. Would you rather be in a competitive market or monopoly? Why